U.S. Dollar Rate to Lebanese Pound Records New Rise after BDL Circulars

The rate of one U.S. to the Lebanese pound hit a new high level on Saturday, one day after the central bank issued a circular that it was launching a foreign exchange unit at BDL to centralize the price of dollars for money exchange houses.

The rate of one dollar to the Lebanese pound reached 2,800-2,900 at money exchange houses on Saturday.

Central bank governor Riad Salameh issued two circulars Friday one of them that BDL was launching a foreign exchange unit to centralize the price of foreign currency, especially U.S. dollar, for money exchangers in light of a crunch liquidity crisis.

The second circular allowing small depositors to cash out and that deposits of $3,000 or less could be withdrawn in Lebanese pounds at “market” price.

It also permitted deposits of 5 million Lebanese pounds or less to be withdrawn.